Prudential pensions highlights importance of quality advice

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Prudential pensions highlights importance of quality advice

Thu 20th May 2010

Individuals approaching retirement should ensure they seek professional advice regarding their futures, according to Prudential pensions, since they could otherwise make a poor decision with negative consequences.

Head of retirement income at the firm Vince Smith-Hughes suggested that financial institutions may have to develop new services that customers want to take advantage of.

His remarks were made after research by Prudential pensions showed 19 per cent of people who are retiring this year received guidance from a financial advisor.

Mr Smith-Hughes stated: "I suspect that one reason for low take-up of financial advice is that people are reluctant to pay for it, but I firmly believe there's no substitute for expert professional financial advice."

In his opinion, many individuals are utilising the internet and various finance publications to inform their decisions, but this could lead to them making a mistake.

This week, director of investment funds at Prudential pensions Andy Brown spoke at a conference and highlighted how retirement for this generation is going to be "very different" from that of previous retirees.

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